International Properties Group Ltd.
11/25/99 -
IPG Expands Their United States Presence With Purchase of $50 Million of Quality Real Estate in Seattle
CALGARY, ALBERTA--(BUSINESS WIRE)--Nov. 25, 1999--IPG(TSE:IPX.) International Properties Group (IPG) has significantly expanded its U.S. geographic focus with the acquisition of two high-grade investment properties worth approximately $50 million (Cdn) in Seattle, Wash., adding 398 suites to IPG's North American inventory.
IPG's research shows Seattle to be one of the top three growth markets in the U.S., particularly over the next three years, with rental increases combined with declining vacancy and unemployment rates. Seattle has developed a diverse economy, including technology, wood products, transportation equipment, food products, fish processing and apparel design which is fueling the job growth. These are key factors that make Seattle an ideal market to experience capital appreciation in the multi-family market place.
"The Seattle properties will offer our investors an opportunity to participate in an extremely strong growth market in the U.S.," said Doug Frey, VP Acquisitions.
"Both buildings have excellent home ownership qualities with attractive price points and investment yields. The Seattle location will also allow our clients to diversify their portfolio of investment properties by adding a second key U.S. market to the regions we are currently active in."
IPG plans to substantially upgrade and convert these properties for resale to homeowners and investors, continuing its efforts to revolutionize the way people
create wealth through real estate. IPG will continue to supply new investment opportunities in the current fiscal year, providing their clients' geographic diversification
to enhance the IPG Virtual Apartment Building(TM) wealth building system.
Both properties will offer IPG investors excellent growth potential. Details include:
- Nautica - 82-suites located in Renton overlooking Lake Washington, one of Greater Seattle's most desirable locations.
- Walden Pond - a 316-suite residential community located in Everett in a unique pond-like setting adjacent to a golf course with extensive on-site amenities i.e. pool, sauna and indoor basketball courts.
IPG has entered into an agreement with ConAm Management Corporation for the management of the properties. ConAm, based in San Diego, Calif., is one of the ten largest multi-family management companies in the United States and currently manages over 42,000 apartments in the U.S. and nearly 6,000 apartments in the Seattle area. The properties will be presented under IPG's BestPlaceToLive.com brand.
"The IPG Internet site will continue to play an important role in supporting the marketing and selling of condominium suites in the Seattle properties," said Phil
Carroll, CEO. "The Internet is playing an increasingly important role in providing our current and prospective clients with the information and education they need to
determine their level of interest in adding specific properties to their portfolio mix."
IPG is revolutionizing the way North Americans create wealth through investment real estate with their Virtual Apartment Building(TM) concept that allows clients
to create geographically diverse portfolios of well-selected, high-grade investment properties in high growth and emerging markets. IPG owns or manages 54
properties with 7,697 condominium suites. Corporate offices are located in Calgary with sales offices in Vancouver, Edmonton, Toronto, Ottawa and Scottsdale, Ariz. The corporation is listed on the Toronto Stock Exchange under the trading symbol "IPX." |
